Local

AG Schneiderman targets payday loans

Attorney General Eric Schneiderman says five companies that have been making collections on short-term “payday” loans will pay more than $300,000 in restitution and penalties under a settlement.

Schneiderman announced the agreement in Buffalo Monday at the annual convention of the Public Employees Federation.

He says the debt collection companies operating in Erie County also have agreed to stop making further collections on the loans, which violate state law because of their high interest rates.

Payday loans typically have interest rates from 100% to 650% or more — well above New York’s 16% cap for most non-bank lenders.

In August, Schneiderman’s office sued three Internet lenders that investigators said charged annual interest rates for personal loans at rates ranging from 89% to more than 355%.

Copyright 2013 The Associated Press.

More Local Headlines

in Local

Mesko sentenced to state prison time

gavel_court

The former Cornell student allegedly entered a woman's bedroom and sexually assaulted her in March 2013.

in Local

Man caught with drugs arrested again for attacking officers

crime2

The Tompkins County Sheriff's Department reports Roshane Henry assaulted three corrections officers while in the county jail.

in Local

Southern Tier lawmaker: Punish Cornell assistant dean, open federal investigation into school

cornell seal

Southern Tier Assemblyman Chris Friend called for investigation into school, possible elimination of $156 million in funding for university

in Local

Report: 1 in 4 New Yorkers don’t have access to minimal Internet speeds

internet

Reports finds Finger Lakes, Mohawk Valley trailing in providing minimal broadband Internet service speeds

in Local

U.S. defense chief to visit northern New York next week

Local_News41-620x400

Defense Secretary Ash Carter will visit Fort Drum to discuss possible troop reductions there